Vietnam Emerges As Startup Hub of Southeast Asia

Tran Duy Dong, deputy minister of Planning and Investment speaks at the event.

Vietnam's startup culture was praised at the launching ceremony of the program 'Google for Startups Accelerator, Southeast Asia: Vietnam breakthrough innovation' to promote the development of Vietnamese technology startups.

The event was organized by Google, the National Innovation Center, and the US Diplomatic Mission to Vietnam on July 11.

Vietnam has more than 3,400 startups, 4 technology "unicorns"

The program is an opportunity for Vietnamese innovators and startups to grow and expand their businesses through the help of Google's experts, resources, networks, and technology.

According to the e-Conomy SEA 2022 report, Vietnam is emerging as the start-up hub of Southeast Asia as the national Internet economy is predicted to reach US$50 billion by 2025 (the fastest growth in the region).

In addition, Vietnam currently has four technology unicorn companies (as of 2023) and more than 3,400 startups with a human resource rich in expertise and ability to develop advanced technology solutions and products.

Tran Duy Dong, deputy minister of Planning and Investment, emphasized that in order to progress to a higher level of industrialization, each country must have a number of fundamental industries and fields based on science and technology, and innovation.

In recent decades, a wave of innovative businesses and startups have emerged, and flourished, creating billion-dollar technology corporations.

Innovation, science, and technology continue to be important factors for the development of the national economy, making innovative start-ups one of the top concerns.

Promoting and developing an innovation ecosystem continues to be of great significance to Vietnam in the current situation, which is being evaluated as a "rising star" in Southeast Asia.

Vietnam's innovation and startup ecosystem is on a strong development track.

"Innovative start-ups have been creating new driving forces for the economy with breakthrough ideas, new directions and creative ways of doing things," said Deputy Minister Tran Duy Dong.

According to the annual reports on innovation and entrepreneurship by Do Ventures and StartupBlink, Vietnam's startup ecosystem has risen from the 5th position to the 3rd position among the top 6 Southeast Asian economies, only after Indonesia and Singapore.

The growth is reflected in both the rate of capital poured into the market and the number of investors and innovation investment funds operating in Vietnam.

Vietnam's innovation ecosystem has enormous potential, mainly due to the "openness" of the economy.

With the right initiatives and solutions, following trends, Vietnam's innovation and startup ecosystem can benefit from these, to become a regional and global hub for innovation and entrepreneurship.

Developing a generation of businesses capable of reaching foreign markets

However, Deputy Minister Tran Duy Dong said that we do not have a complete innovation ecosystem to incubate, nurture and spread the spirit of innovation.

Businesses, especially startups, are still struggling, leading to capital problems. They lack knowledge, experience in executive management skills, lack of encouragement, and timely support when facing challenges, and are prone to failure.

Launching the Google for Startups Accelerator, Southeast Asia: Vietnam's breakthrough innovation

The Ministry of Planning and Investment coordinated with ministries, branches, localities, and enterprises to draft and submit to the National Assembly, and the Government to promulgate important mechanisms and policies, in order to support and invest in the development of the innovation ecosystem.

The Ministry also coordinated with international organizations to mobilize resources to solve the difficulties of innovative and start-up enterprises, such as increasing access to venture capital in Vietnam and international markets, as well as business development skills.

The Google for Startups Accelerator, Southeast Asia: Vietnam's breakthrough innovation is a testament to the Vietnamese Government's commitment to supporting the development of innovation and startup ecosystems.

It is also Google's commitment to supporting innovation and entrepreneurship in emerging markets.

"By providing startups with the necessary resources for them to grow and succeed, the two sides are contributing to the training and development of the next generation of innovative entrepreneurs, contributing to the country's economic growth," said the Deputy Minister of Planning and Investment.

Nguyen Hong Ngoc, CEO of Momby, said, Google for Startups is not only a program to support leadership skills, but also supports startups with the latest knowledge and technology. In particular, we have the opportunity to become part of a dynamic startup community, where everyone is willing to share and support to grow and succeed together," she said.

Southeast Asia Startups Turn Plastic Waste into Consumer Goods A new generation of startups in Southeast Asia are using technology to recycle plastic waste into materials used in consumer products such as furniture and ...

Vietnamese Startups Conquer Japanese Market From shops serving the Vietnamese community in Japan, Vietnamese startups have started and achieved success in the land of the rising sun, enhancing the image ...

Vietnam - A Pioneering Blockchain Nation According to experts, a young population and fast adoption of technology are the key factors that make Vietnam become one of the leading countries in ...